Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan app...
Works contract classification governs composite layout-development contracts where VAT-paid goods are transferred alongside construction and infrastru...
Specified income tax exemption for pollution control body remains conditional on non-commercial activity, unchanged income character, and return filin...
Cash-credit additions for unexplained deposits require a comprehensive examination of the taxpayer's cash-collection business model, debtor-recovery cycle, and supporting records, including debtor ledgers, subscription records, cash books and bank statements. Where such evidence has not been fully considered, the addition requires fresh adjudication after reasonable hearing, without deciding the merits or the validity of book rejection. Interest for advance-tax default is consequential to the assessment. Penalty proceedings for unexplained or under-reported income remain separate from quantum proceedings, making a challenge to their initiation premature.
Cash-credit additions for unexplained deposits require a comprehensive examination of the taxpayer's cash-collection business model, debtor-recovery cycle, and supporting records, including debtor ledgers, subscription records, cash books and bank statements. Where such evidence has not been fully considered, the addition requires fresh adjudication after reasonable hearing, without deciding the merits or the validity of book rejection. Interest for advance-tax default is consequential to the assessment. Penalty proceedings for unexplained or under-reported income remain separate from quantum proceedings, making a challenge to their initiation premature.
Note: It is a system-generated summary and is for quick reference only.
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